Free Access IIA.IIA-CIA-Part2.v2022-07-26.q511 Practice Test (Page 31)

Question 146

When approving the final engagement report, which of the following is most critical?

A.Conclusions are reached for all objectives.

B.Report is distributed to appropriate parties.

C.Opinions are adequately supported.

D.Report is clear and concise.

Question 147

The chief audit executive (CAE) determined that based on management's oral response, the action taken regarding an audit observation was sufficient when weighted against the relative importance of the audit recommendation. Which of the following is the most appropriate step for the internal auditor to take next?

A.Escalate the issue to the board and get their position on the issue.

B.Note in the permanent file that follow-up needs to be performed as part of the next engagement.

C.Follow-up with management until a written response is obtained.

D.Initiate a follow-up audit to ensure that action has really been taken.

Question 148

An internal audit activity is participating in the due diligence work for an acquisition that a company is considering. One engagement objective is to determine if the acquisition's accounts payable contain all outstanding liabilities. Which of the following audit procedures would not be relevant for this objective?

A.Send confirmations, including zero-balance accounts, to vendors with whom the company normally does business.

B.Examine supporting documentation of subsequent (after-period) cash disbursements and verify period of liability.

C.Trace receiving reports issued before the period end to the related vendor invoices and accounts payable list.

D.Select a sample of accounts payable from the accounts payable list and verify the supporting receiving reports, purchase orders, and invoices.

Question 149

The internal audit activity's primary responsibility in a review or examination of the organization by an external regulatory body is to:

A.Prepare documentation for the regulator.

B.Verify that regulatory reviews occur with adequate frequency.

C.Provide follow-up to determine if the regulator's findings are appropriately resolved by management.

D.Document the responses to the regulator's findings.

Question 150

A code of ethics within the internal auditing profession is necessary in order to:

A.Reduce the likelihood that members of the profession will be sued for substandard work.

B.Ensure that all members of the profession perform at approximately the same level of competence.

C.Provide guidance to internal auditors in their service to others.

D.Require members of the profession to exhibit loyalty in all matters pertaining to the affairs of their organization.

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Question 146

Question 147

Question 148

Question 149

Question 150

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